The franklin Arms condo and retail complex
NRES has purchased the Franklin Arms Condo and retail complex located in the heart of downtown Ft. Myers, Florida in October 2012. This acquisition represents the cornerstone of NRES investments generating solid returns, when take out financing is completed, of around 28% cash on cash. According to the Ft. Myers redevelopment agency shown, "The Franklin Arms Complex" on the yellow line, is one block from the new harbor under construction. Our top Condo floor apartments, look out over the harbor. All condos, 22 in all, are filled except for one getting renovated. In the retail space below, we are continuing with two top Attorney group anchor tenants that have been in this building for over 15 years and want to extend for a similar time going forward.
This is an example of the quality of NRES investments in Florida. We are a firm believer in the economic turn around in Florida, especially Fort Myers, and have positioned our company in an exceptional position by purchasing many different properties, including duplexes, houses, and now a major Condo/Retail complex in the downtown area that we can all be very proud of.
The Fort Myers Community ReDevelopment Agency has published a detailed brochure about the plans for further development in Fort Myers that can be found here:
http://www.fortmyersbusinessdev.com/pdf/DTredev.pdf
See below for pictures of Franklin Arms...
This is an example of the quality of NRES investments in Florida. We are a firm believer in the economic turn around in Florida, especially Fort Myers, and have positioned our company in an exceptional position by purchasing many different properties, including duplexes, houses, and now a major Condo/Retail complex in the downtown area that we can all be very proud of.
The Fort Myers Community ReDevelopment Agency has published a detailed brochure about the plans for further development in Fort Myers that can be found here:
http://www.fortmyersbusinessdev.com/pdf/DTredev.pdf
See below for pictures of Franklin Arms...
